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Sustainability of German Fiscal Policy and Public Debt : Historical and Time Series Evidence for the Period 1850-2010

Burret, Heiko - 2013

debt crisis has prompted a fundamental re‐evaluation of public debt sustainability and the looming threat of sovereign debt …'s peacetime debt‐to‐GDP (Gross Domestic Product) ratio has never been higher. In this paper, we analyse the sustainability of … anecdotal his‐torical analysis, we conduct formal tests on fiscal sustainability, including tests on stationarity and …

Persistent link: https://www.econbiz.de/10013085753

The Sustainability of Fiscal Policy in Italy : A Long-Term Perspective

Bartoletto, Silvana - 2012

The recent fears of a sovereign debt crisis have spurred interest in the sustainability of public debt. There are two … different approaches to the assessment of sustainability: the use of sustainability gap indicators (Blanchard et al., 1990) and … the time series approach (Trehan and Walsh, 1988). In this paper we analyze the sustainability of public debt in Italy …

Persistent link: https://www.econbiz.de/10013106545

Public Debt and Total Factor Productivity

Kaas, Leo - 2015

This paper explores the role of public debt and fiscal deficits on factor productivity in an economy with credit market frictions and heterogeneous firms. When credit market conditions are sufficiently weak, low interest rates permit the government to run Ponzi schemes so that permanent primary...

Persistent link: https://www.econbiz.de/10013030480

Can We Rely Upon Fiscal Policy Estimates in Countries with Unreported Production of 15 Per Cent (or More) of GDP?

Basile, Raffaella - 2011

This paper analyzes the effects of fiscal policy in Italy by employing a database containing two statistical novelties: quarterly fiscal variables on accrual basis and a time series estimate of tax evasion for the period 1981:1-2006:4. Following Revenue Agency suggestions, we use in a VECM the...

Persistent link: https://www.econbiz.de/10013122250

Spend-and-Tax : A Panel Data Investigation for the EU

Afonso, António - 2009

Using bootstrap panel analysis, allowing for cross-country correlation, without the need of pre-testing for unit roots, we study the causality between government spending and revenue for the EU in the period 1960-2006. We find spend-and-tax causality for Italy, France, Spain, Greece, and...

Persistent link: https://www.econbiz.de/10013158140

3-Step Analysis of Public Finances Sustainability : The Case of the European Union

Afonso, António - 2008

We use a 3-step analysis to assess the sustainability of public finances in the EU27. Firstly, we perform the SURADF … sustainability is an issue in most countries, with a below unit estimated coefficient of expenditure in the cointegration relation …

Persistent link: https://www.econbiz.de/10012770443

Trust in Government and Fiscal Adjustments

Bursian, Dirk - 2013

The paper looks at the determinants of fiscal adjustments as reflected in the primary surplus of countries. Our conjecture is that governments will usually find it more attractive to pursue fiscal adjustments in a situation of relatively high growth, but based on a simple stylized model of...

Persistent link: https://www.econbiz.de/10013079290

Euro Membership and Fiscal Reaction Functions

Weichenrieder, Alfons J. - 2013

The paper uses fiscal reaction functions for a panel of euro-area countries to investigate whether euro membership has reduced the responsiveness of countries to shocks in the level of inherited debt compared to the period prior to succession to the euro. While we find some evidence for such a...

Persistent link: https://www.econbiz.de/10013080736

What Do We Really Know About Fiscal Sustainability in the EU? A Panel Data Diagnostic

Afonso, António; Rault, Christophe - 2021

We assess the sustainability of public finances in the EU15 using stationarity and cointegration analysis. Specifically … revenues. While sustainability may be lacking in individual cases, fiscal policy was overall sustainable both for the EU15 …

Persistent link: https://www.econbiz.de/10013316576

The Economic Consequences of Rising U.S. Government Debt : Privileges at Risk

Bohn, Henning - 2021

The rapidly growing federal government debt has become a concern for policy makers and the public. Yet the U.S. government has seemingly unbounded access to credit at low interest rates. Historically, Treasury yields have been below the growth rate of the economy. The paper examines the...

Persistent link: https://www.econbiz.de/10013316205